Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Complete Details
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a new scheme based upon government-backed Life insurance in India Launched by Prime minister Mr Narendra Modi .
PMJJBY is basically a term life insurance policy that can be renewed either on a yearly basis or for a longer period of time. It will provide life insurance coverage on the death of the policyholder and the nominee must have a bank ac.
Launching Details of (PMJJBY)–
This PMJJBY Yojana was originally mentioned in the 2015 Budget speech by Finance Minister – “Mr Arun Jaitley” in month of February 2015.
PMJJBY was Officially launched by Prime Minister Narendra Modi on 9 May in Kolkata.
In reports of May 2015, only 20% of India’s population has any kind of insurance, Basically PMJJBY scheme aims to increase the number of Insurance in overall India .
Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
(i) Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money. This will be decided separately during the year.
(ii) Common Publicity Expenditure will be borne by Government.
Protection at an affordable cost
Instant processing: No medical examination required
Easy enrolment: Enrolment based on a simplified proposal form
Sort Overview of Pradhan Mantri Jeevan Jyoti Bima Yojana –
Pradhan Mantri Jeevan Jyoti Bima Yojana is only available to those people who are in the range between 18 and 50 years of age with a bank account on their name. PMJJBY has an annual premium of RS 330 after excluding service tax,
Service Tax is above 14% of the premium (RS 330 ). The amount will be automatically debited from the account. In case of death due to any cause, the payment to the nominee will be Rs 2 lakh.
Important Notic PMJJBY):
“It is important to note that this scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.
As per Pradhan Mantri Jan Dhan Yojana scheme all accounts will be at zero balance initially.
The government aims to reduce the number of such zero balance accounts by using this and related schemes and here improving the development of India economically and make more people aware with teses beneficial schemes.”
Details of Pradhan Mantri Jeevan Jyoti Bima Yojana –
Pradhan Mantri Jeevan Jyoti Bima Yojana scheme will be a
- one year cover overall,
- PMJJBY scheme is renewable from year to year
- Insurance Scheme offering life insurance cover for death due to any reason.
- Scope of coverage: All savings bank account holders in the age 18 to 50 years will be entitled to join.
- In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojan
- Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
- Premium: Rs.330 per annum. It will be auto-debited in one instalment.
- Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
- Risk Coverage: Rs.2 Lakh in case of death for any reason. Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
The Pradhan Mantri Jeevan Jyoti Bima Yojana will be made available to anyone between the age group of 18 to 50 years. The concerned person should also have a bank account. People, who avail this policy before they are 50 years old, will be allowed to enjoy the risk of life cover till the age of 55 years. However, they will need to pay the premium on a consistent basis in order to be provided that benefit.
- Rs. 330 to be paid yearly, that means less than 1 re per day and Rs. 27.5 per month
- The payment of premium will be debited(deducted) from the bank account of the individual in single installment, so it is important to maintain the required balance
- Risk coverage of Rs.2 Lakh in case of death for any reason.
- The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
- It is important for the policy holder to renew that policy each year
- While joining the scheme, the applicant need to provide the nominee name and details about the relationship
- Note : In case of minor, name of the guardian has to be specified
- The contribution of government towards this scheme is to be decided separately every year. It is to be noted that the contribution amount to be paid by the government will come from the unclaimed money that has been lying idle in various public welfare funds
PM Jeevan Jyoti Bima Yojana – Eligibility to join the Insurance Scheme
- Age of the applicant should be between 18 to 50 years.
- The applicant should have savings bank account in any of the participating bank accounts
- Duly Filled Application Form should be submitted by the interested person
- The applicant joining the scheme must provide a self -certification of good health in the Consent cum declaration form as on the date of enrollment or earlier
What is the Premium?
The policyholders will need to pay INR 330 per year. The amount will be deducted each year from their bank account in a single installment. This will be done by the bank from where the policy is being opened.
Details of Premium to be Paid by the applicant
- Member of the scheme needs to pay Rs. 330 per annum(yearly)
Specification of the premium :
- Insurance Premium to LIC / insurance company : Rs.289/- per annum per member
- Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/- per annum per member
- Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member
Total – 330
What is the Risk Coverage?
The risk coverage being provided in the Pradhan Mantri Jeevan Jyoti Bima Yojana is INR 2 lakh. In case the policy has been availed for a longer term period than just a year, the amount will be deducted for each year of the agreed term period from their respective bank accounts.
Mode of Payment of the Premium
The premium account will be deducted from the bank account member automatically in one installment. So. it advised for the members to keep the required amount in the respective bank account.
Application Form Download
- jeevan-jyoti-yojana-scheme-claim-form-in-English (1)
National toll free numbers: 1800 110 001 / 1800 180 1111